The Bank of England (BoE) cut its key interest rate for the first time in seven years and expanded its stimulus program
An overnight
bounce in oil prices served as a boon for Asian stocks. Despite comments from Bank of Japan (BoJ) Deputy Governor Kikuo Iwata -- who sounded uncommitted to further stimulus measures -- Japan's Nikkei jumped 1.1% on the back of yen weakness.
Elsewhere, China's Shanghai Composite came back from early losses to end 0.1% higher, amid hopes of further stimulus measures. Meanwhile, a strong post-earnings performance from bank stocks HSBC and Standard Chartered helped Hong Kong's Hang Seng tack on 0.4%, while South Korea's Kospi popped 0.3%.
European markets are sizzling, after the Bank of England (BoE) lowered its benchmark interest rate for the first time since March 2009 -- to a record low of 0.25% -- and expanded its stimulus program to $579 billion. As a result, the yield on the U.K.'s 10-year bond, or gilt, fell to a record low. Currently, London's FTSE 100 is 1.5% higher, the French CAC 40 has added 0.7%, and Germany's DAX is up 1% -- with engineering firm Siemens rallying after earnings, while drugmaker Merck and network equipment provider Nokia are lower post-earnings.
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